PAGCOR revokes provisional licence for Emerald Bay casino project

PH Resorts says it is focused on identifying alternative business opportunities.

The Philippines.- PH Resorts Group Holdings has confirmed that the Philippine Amusement and Gaming Corporation (PAGCOR) has approved the revocation of the provisional gaming licence previously granted to its subsidiaries LapuLapu Leisure and LapuLapu Land Corp for the unfinished Emerald Bay casino project in Cebu.

PH Resorts said the revocation is not expected to have a material effect on current financials at the Cebu project never commenced commercial operations. It it is focused on identifying alternative business opportunities.

In August, PH Resorts Group derecognised a PHP8.75bn (US$153.5m) financial liability linked to the project. The expiration of the buyback option on March 31 motivated the removal of PHP13.65bn (US$236m) in assets and PHP8.6bn (US$149m) in related liabilities and transaction costs from the company’s balance sheet.

PH Resorts previously described the US$300m Emerald Bay as its “most ambitious gaming project.” at one point, it was discussing a possible partnership with EEI Corp to finance and complete construction. Talks with other potential partners, including Okada Group’s Tiger Resort Leisure & Entertainment Inc. (TRLEI), Bloomberry, and Apple One, led to no final agreements.

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PH Resorts says it is focused on identifying alternative business opportunities. The Philippines.- PH Resorts Group Holdings has confirmed that the Philippine Amusement and Gaming Corporation (PAGCOR) has approved the…